Homework Answers
| Contract no.12476 | |
| Total contract value | 900000 |
| Statement of Profit or loss for the year 2017 | |
| Costs incurred for materials, wages and subcontractors | |
| during the year 2017 | 420000 |
| Depreciation for plant(78000-62000) | 16000 |
| 436000 | |
| Less: unused materials | 80000 |
| Costs incurred during the year 2017 | 356000 |
| Further costs incurred | 290000 |
| Add: Unused materials in 2017 | 80000 |
| 370000 | |
| Total costs | 726000 |
| Percentage of completion based on the cost in 2017 | 49.04 |
| a)(i). Statement of Profit or loss for the year of 2017 | |
| Revenue during the year 2017(900000*49.04%) | 441322.314 |
| Less: Cost to date for the related revenue | 356000 |
| Net Profit | 85322.314 |
| a)(ii). Statement of financial position | |
| Plant | 62000 |
| Accounts receivable | 441322.314 |
| Raw materials inventory | 80000 |
| b)(i). Statement of Profit or loss for the year of 2017 | |
| Revenue during the year 2017(388800/90*100) | 432000 |
| Less: Cost to date for the related revenue | 356000 |
| Net Profit | 76000 |
| b)(ii). Statement of financial position | |
| Plant | 62000 |
| Accounts receivable | 432000 |
| Raw materials inventory | 80000 |
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QUESTION 1 (25 MARKS) Contract No.12476 commenced during year 2017 and has a fixed contract price...
QUESTION 1 (25 MARKS) Contract No. 12476 commenced during year 2017 and has a fixed contract...
QUESTION 1 (25 MARKS) Contract No. 12476 commenced during year 2017 and has a fixed contract price of RM900.000. During the year 2017, costs incurred for materials, wages and sub-contractors charges amounted to RM420,000. A plant costing RM78,000 was purchased during year 2017 specifically for contract No.12476. At the end of year 2017: i. The plant was valued at RM62,000. ii. Unused materials on site were valued at RM80,000. iii. It is estimated that further costs recognise RM290,000 would be...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price was RM4 million, the position of the contract at the end of the years 2015, 2016, and 2017: into a contract to construct an express highway from Melaka RM4 million, the following table shows the 2015 RM'000 2017 RM'000 Variation to the contract price (increase) Cumulative costs incurred to date Estimated costs yet to be incurred Progress billings to date 2016 RM'000 400 1,800...
Situation I On January 1, 2017, Tamarisk, Inc. signed a fixed-price contract to have Builder Associates...
Situation I On January 1, 2017, Tamarisk, Inc. signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project. Also on January 1, 2017, to finance the construction cost, Tamansk borrowed $4,215 000 Payable in 10 annual installments of $421 500 plus interest at the rate of 10% During 2017 Tamarisk made deposit and progress Payments totaling S1 580,625 under...
Situation I On January 1, 2017, Tamarisk, Inc signed a fixed-price contract to have Builder Associates...
Situation I On January 1, 2017, Tamarisk, Inc signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project, Also on January 1, 2017, to finance the construction cost Tamarisk borrowed $4,215,000 payable in 10 annual stallments of $421,500, plus interest at the rate of 10%. Dunng 2017 Tar ansk made deposit and progress payments totaling $1,580,625 under the contract;...
When the contract commenced in June 2019, plant and equipment, costing RM420,000, was sent to the site. This has been revalued at RM400,000 on 31 December 2019. The wages for the last week of December in 2019, RM5,360, was paid in January 2020. As at 31 D
Jaya Bhd. makes up its accounts to 31 December each year. The following details have been extracted in relation to the contract P. The contract price is RM3,100,000.When the contract commenced in June 2019, plant and equipment, costing RM420,000, was sent to the site. This has been revalued at RM400,000 on 31 December 2019. The wages for the last week of December in 2019, RM5,360, was paid in January 2020. As at 31 December 2019, the total cost incurred was RM211,060....
During 2017, Nilsen Company started a construction job with a contract price of $1,600,000. The job...
During 2017, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $400,000 $825,000 $1,070,000 Estimated costs to complete 600,000 275,000 –0– Billings to date 300,000 900,000 1,600,000 Collections to date 270,000 810,000 1,425,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2017 $ Gross profit recognized...
During 2017, Cullumber Company started a construction job with a contract price of $1,610,000. The job...
During 2017, Cullumber Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete 575,700 242,440 -0- 1,610,000 Billings to date 301.000 897,000 271,000 1428,000 Collections to date 817,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used $ Gross profit recognized in 2017 $ Gross profit...
Exercise 18-33 During 2017, Marin Company started a construction yob with a contract price of $1,610,000....
Exercise 18-33 During 2017, Marin Company started a construction yob with a contract price of $1,610,000. The job was completed in 2019. The following information is available, 2017 2018 2019 Costs incurred to date $405,900 $766,500 51,076,000 Estimated costs to complete 584,100 328,500 Brings to date 300,000 893,000 1,610,000 Collections to date 267,000 809,000 1,435,000 Compute the amount of gross profit to be recognized each year, assuming the percentage of completion method is used. Gross proft recognized in 2017 Gross...
Question No. 3 (15 marks) Napanee Construction Company (NCC) has entered into a non-cancellable contract with...
Question No. 3 (15 marks) Napanee Construction Company (NCC) has entered into a non-cancellable contract with Raglan Company to construct a building for $2,100,000. NCC is a public company with a December 31 year-end. NCC has elected to use the Percentage-of-Completion method. The following data are available: 2018 2019 2020 Construction costs incurred to-date $ 400,000 $1,600,000 $1,900,000 Estimated costs to completion 1,400,000 450,000 0 Progress Billings to-date 320,000 1,128,000 652,000 Cash collected to date 300,000 1,050,000 750,000 Required: (Note:...
During 2017, Pearl Company started a construction job with a contract price of $1,610,000. The job...
During 2017, Pearl Company started a construction job with a
contract price of $1,610,000. The job was completed in 2019. The
following information is available.
2017
2018
2019
Costs incurred to date
$434,300
$859,560
$1,073,000
Estimated costs to complete
575,700
242,440
–0–
Billings to date
301,000
897,000
1,610,000
Collections to date
271,000
817,000
1,428,000
A) Compute the amount of gross profit to be recognized each
year, assuming the percentage-of-completion method is used.
Gross profit recognized in 2017 $ 258,000
Gross...
QUESTION 1 (25 MARKS) Contract No. 12476 commenced during year 2017 and has a fixed contract price of RM900.000. During the year 2017, costs incurred for materials, wages and sub-contractors charges amounted to RM420,000. A plant costing RM78,000 was purchased during year 2017 specifically for contract No.12476. At the end of year 2017: i. The plant was valued at RM62,000. ii. Unused materials on site were valued at RM80,000. iii. It is estimated that further costs recognise RM290,000 would be...
(25 MARKS) Highland Construction entered into a contract to to Johor Bahru. The agreed contract price was RM4 million, the position of the contract at the end of the years 2015, 2016, and 2017: into a contract to construct an express highway from Melaka RM4 million, the following table shows the 2015 RM'000 2017 RM'000 Variation to the contract price (increase) Cumulative costs incurred to date Estimated costs yet to be incurred Progress billings to date 2016 RM'000 400 1,800...
Situation I On January 1, 2017, Tamarisk, Inc. signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project. Also on January 1, 2017, to finance the construction cost, Tamansk borrowed $4,215 000 Payable in 10 annual installments of $421 500 plus interest at the rate of 10% During 2017 Tamarisk made deposit and progress Payments totaling S1 580,625 under...
Situation I On January 1, 2017, Tamarisk, Inc signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,215,000. It was estimated that it would take 3 years to complete the project, Also on January 1, 2017, to finance the construction cost Tamarisk borrowed $4,215,000 payable in 10 annual stallments of $421,500, plus interest at the rate of 10%. Dunng 2017 Tar ansk made deposit and progress payments totaling $1,580,625 under the contract;...
During 2017, Cullumber Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $434,300 $859,560 $1,073,000 Estimated costs to complete 575,700 242,440 -0- 1,610,000 Billings to date 301.000 897,000 271,000 1428,000 Collections to date 817,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used $ Gross profit recognized in 2017 $ Gross profit...
Exercise 18-33 During 2017, Marin Company started a construction yob with a contract price of $1,610,000. The job was completed in 2019. The following information is available, 2017 2018 2019 Costs incurred to date $405,900 $766,500 51,076,000 Estimated costs to complete 584,100 328,500 Brings to date 300,000 893,000 1,610,000 Collections to date 267,000 809,000 1,435,000 Compute the amount of gross profit to be recognized each year, assuming the percentage of completion method is used. Gross proft recognized in 2017 Gross...
During 2017, Pearl Company started a construction job with a
contract price of $1,610,000. The job was completed in 2019. The
following information is available.
2017
2018
2019
Costs incurred to date
$434,300
$859,560
$1,073,000
Estimated costs to complete
575,700
242,440
–0–
Billings to date
301,000
897,000
1,610,000
Collections to date
271,000
817,000
1,428,000
A) Compute the amount of gross profit to be recognized each
year, assuming the percentage-of-completion method is used.
Gross profit recognized in 2017 $ 258,000
Gross...
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